Apraava Energy Secures USD 92 Mn from BII, Standard Chartered for Smart Meter Rollout

Mumbai-based integrated energy solutions provider, Apraava Energy, has secured Rs. 8009 million (USD 92 million) from two key financial institutions. The company said in a press release that it secured this recent investment from British International Investment (BII), the UK's development finance institution and impact investor, and Standard Chartered.

Based on the announcement, Apraava Energy signed financing agreements for Rs. 4005 million (~USD 46 million) with BII,  and another agreement with Standard Chartered for Rs. 4004 million (~USD 46 million). Standard Chartered and BII’s financing will enable Apraava to install over 2 million smart meters in homes and businesses. This recent partnership between two UK institutions is channelling commercial and development finance capital into renewable energy in India. 

BII has been increasing its investments in India’s clean energy sector, including a US$100 million investment in ReNew’s solar manufacturing arm, ReNew Photovoltaics Pvt Ltd. The funds are being used to build a new 4 GW TOPCon solar-cell facility in Dholera, Gujarat, adding to ReNew’s existing 6.4 GW module and 2.5 GW cell manufacturing capacity.

The company also invested US$89 million in 2022 to scale renewable energy generation in India. This earlier investment was distributed across multiple companies, including US$47 million for Fourth Partner Energy to develop a 294 MW renewable project, and US$42 million committed to Thar Surya 1 Private Limited (an Indian subsidiary of Enel S.p.A., Italy) to support the development of a 300 MW solar project.

Supporting Apraava’s Metering Infrastructure  

The combined facility will support Apraava’s Advanced Metering Infrastructure (AMI) footprint, and private capital will reduce the upfront burden on DISCOMs.

The announcement is timely as India’s power sector is while progressing, continues to face distribution utilities challenges such as high distribution losses. To address this, the Government of India launched the INR 3 trillion (~USD 35 billion) Revamped Distribution Sector Scheme (RDSS). 

Apraava, as a private investor, can offer, end-to-end AMI solution under the scheme. Its AMI footprint spans across several states with a target of installing around 7.8 million smart meters.

The government has set an ambitious target of installing 250 million smart meters by 2026. A key component of RDSS is the rollout of AMI – a smart meter network that is designed to improve grid efficiency and deliver a more sustainable power distribution system by integrating renewable energy.

Leadership View

Commenting on the development, Samir Ashta, Director – Finance & CFO, Apraava Energy, said, “With this financing, we’re scaling up our smart metering efforts. We are proud of our track record in AMI, including achieving India’s first RDSS project operational go-live in Assam and the country’s fastest go-live in Himachal Pradesh. This partnership extends our philosophy of ‘Energy in action’, as we collaborate with Discoms to make energy smarter, more transparent, affordable, and reliable for customers.”

Shilpa Kumar, Managing Director and Head of India, British International Investment, said, “Smart metering is an emerging yet critical part of the business model. It strengthens the distribution dynamics in the energy sector and can significantly drive India’s journey toward a greener and more sustainable power sector. As the UK’s development finance institution, we play a catalytic role in accelerating this transition by partnering with innovative companies like Apraava and financiers like Standard Chartered.”

Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered, said, “Smart meter rollout is a key initiative of Government of India to improve efficiency of the distribution network by reducing losses and driving sustainability of the power sector. India is a key sustainable finance market for Standard Chartered, and we are committed to supporting the country’s ambition to reduce overall carbon emissions and expand sustainable practices.”

Jamie Scattergood, Deputy Head of Mission, British Deputy High Commission, Mumbai said, “Smart metres play a vital role in improving power distribution efficiency. This is one example of India's commitment to accelerating the transition to clean energy and the UK is proud to partner with India on this journey by supporting smart metre rollout under the RDSS scheme. A clear demonstration of how UK development finance and commercial investment can work together to support India's clean energy goals.”